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Crude oil consolidates amid conflicting reports on US-Iran negotiations as escalation risk rises

Crude oil extended the selloff yesterday after Al Arabiya reported that the US and Iran had made concessions regarding the Iranian nuclear program and frozen funds, and that Washington had approved the draft of the Memorandum of Understanding. The report also added that the announcement would be made step by step and simultaneously. The bearish momentum then faded when Iran’s Secretary of Supreme…

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